Norris Cole makes no sense, because the Heat couldn't increase their offer to Ray. A Ray S&T with the Heat only makes sense (from the Heat's perspective) if they are able to increase their offer to Ray, which helps land him. The following are the only players that allow the Heat to increase their offer:
Udonis Haslem -- Ray can be offered $5.175 mil
Mario Chalmers -- Ray gets $5.1 mil
Joel Anthony -- Ray gets $4.788 mil
James Jones -- Ray gets 4.288 mil
Shane Battier -- Ray gets 4.019
Norris Cole only comes to the Celtics if we also get one of the above players. No other deal makes sense for Miami to do, because they would still only be able to pay Ray $3 mil, which they can do without a trade.